Blink Charging Co (BLNK) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Blink Charging Company's first-quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Vitalie Stelea, Vice President of Capital Markets and FP&A at Blink Charging.

問候。歡迎參加 Blink Charging Company 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在，我將會議交給主持人、Blink Charging 資本市場和 FP&A 副總裁 Vitalie Stelea。

Thank you, Paul, and welcome to Blink's first-quarter 2025 earnings call. With us today, we have Michael Battaglia, President and Chief Executive Officer; and Michael Rama, Chief Financial Officer.

謝謝你，保羅，歡迎參加 Blink 2025 年第一季財報電話會議。今天和我們在一起的有總裁兼執行長 Michael Battaglia；以及財務長 Michael Rama。

Today's discussions will include non-GAAP references. These are reconciled to the most comparable US GAAP measures in the Appendix of our earnings deck. You may find the deck along with the rest of our earnings materials and other important content on Blink's Investor Relations website.

今天的討論將包括非 GAAP 參考。這些與我們收益表附錄中最可比較的美國 GAAP 指標相協調。您可以在 Blink 的投資者關係網站上找到該簡報以及我們的其他收益資料和其他重要內容。

Today's discussions may also include forward-looking statements about our expectations. Actual results may differ from those stated and the most significant factors that could cause actual results to be different are included on page 2 of the first-quarter 2025 earnings deck. Unless otherwise noted, all comparisons are year over year.

今天的討論可能還包括有關我們期望的前瞻性陳述。實際結果可能與所述結果不同，可能導致實際結果不同的最重要因素包含在 2025 年第一季財報的第 2 頁。除非另有說明，否則所有比較都是同比的。

And now regarding the Investor Relations calendar, Blink will be participating in the Stifel 2025 Boston Cross Sector Conference on June 3. Please follow our announcements on our website for additional investor events to be announced.

關於投資者關係日程，Blink 將於 6 月 3 日參加 Stifel 2025 波士頓跨行業會議。請關注我們網站上的公告，以了解更多即將宣布的投資者活動。

And at this point, I'd like to turn the call over to Mike Battaglia, President and CEO of Blink Charging. Please go ahead, Mike.

現在，我想將電話轉給 Blink Charging 總裁兼執行長 Mike Battaglia。請繼續，麥克。

All right, great. Thanks, Vitalie. Good afternoon, everyone, and thank you for joining us today. Before we turn to the details of the quarter, I'd like to begin with some broader context.

好的，太好了。謝謝，維塔利。大家下午好，感謝大家今天的參與。在我們討論本季的細節之前，我想先介紹一些更廣泛的背景。

The first quarter proved to be a difficult operating environment impacted by ongoing macroeconomic pressures, some typical seasonal trends, and a noticeable shift in customer behavior, particularly among more price-sensitive segments. So while charging service revenue increased 35% year over year to a new record high, our product sales were $8.4 million for the quarter, down sharply from Q1 2024.

事實證明，第一季的經營環境十分艱難，受到持續的宏觀經濟壓力、一些典型的季節性趨勢以及客戶行為明顯轉變（尤其是在對價格較為敏感的細分市場）的影響。因此，雖然充電服務收入年增 35% 創下新高，但本季我們的產品銷售額為 840 萬美元，較 2024 年第一季大幅下降。

During the quarter, it became evident that while extensive, our current product portfolio does not sufficiently address the value-oriented segment of the market, and that gap had a meaningful impact on our performance. The encouraging news is that we've been deploying -- excuse me, we've been developing a new charger to meet this demand and we've accelerated our efforts with the goal of bringing this product to market later this year within Q4. We believe our new charger will fill this demand gap and position us more competitively in the marketplace.

在本季度，我們發現，儘管我們目前的產品組合很廣泛，但卻不足以滿足以價值為導向的市場需求，而這一差距對我們的業績產生了重大影響。令人鼓舞的消息是，我們一直在部署——對不起，我們一直在開發一種新的充電器來滿足這種需求，並且我們已經加快了我們的努力，目標是在今年晚些時候第四季度將該產品推向市場。我們相信，我們的新充電器將填補這一需求空白，並使我們在市場上更具競爭力。

As I mentioned, charging revenue increased 35% during the quarter, showing meaningful growth driven by higher utilization of our deployed infrastructure. In Europe, we saw charging revenue grow 22%, reflecting our expanding footprint and strengthening market position. We also advanced our cost efficiency initiatives, achieving an 8% reduction in operating expenses, bringing total operating expenses down to $28.5 million for the quarter, the lowest we've had in nearly three years.

正如我所提到的，本季充電收入成長了 35%，顯示出由我們部署的基礎設施利用率提高所推動的顯著成長。在歐洲，我們的充電收入成長了 22%，這反映了我們業務範圍的擴大和市場地位的加強。我們還推進了成本效益舉措，將營運費用減少了 8%，使本季的總營運費用降至 2,850 萬美元，這是近三年來的最低水準。

Additionally, the Blink networks delivered approximately 50 gigawatt hours of electricity during the quarter, representing a 66% increase year over year, underscoring the growing demand across our networks.

此外，Blink 網路在本季度輸送了約 50 千兆瓦時的電力，年增 66%，凸顯了我們網路需求的不斷增長。

One thing we've learned throughout our many years in this industry is the importance of focusing on what we can control. We remain confident that the transition to EVs will continue over the long-term, driving the global build-out of EV charging infrastructure needed to support EV drivers worldwide. In fact, EV sales grew in the US by 11.4% in the first quarter versus the prior year, which is a healthy increase.

我們在這個行業工作多年，學到的一件事就是專注於我們能夠控制的事情的重要性。我們仍然相信，向電動車的轉變將長期持續下去，推動全球範圍內支持電動車駕駛員所需的電動車充電基礎設施的建設。事實上，今年第一季美國電動車銷量較上年同期成長了 11.4%，這是一個健康的成長。

In Europe, EV sales saw a robust growth, increasing by 24% within Germany, Belgium, and the Netherlands reporting significant gains in EV sales. Blink's advanced solutions and flexible offerings position us well to increase our leadership role and capitalize on these positive trends, especially with our strong presence in Europe.

在歐洲，電動車銷量強勁成長，德國、比利時和荷蘭的電動車銷量成長了 24%，顯著成長。Blink 先進的解決方案和靈活的產品使我們能夠增強領導地位並利用這些積極趨勢，尤其是考慮到我們在歐洲的強大影響力。

Turning to slide 5. You can see the steady growth in our charging revenue from the first quarter of last year through the close of the first quarter of 2025. Service revenue for the quarter was $10.6 million, an increase of 29.2%, compared to $8.2 million in the first quarter of last year and a sequential increase of 7.5% compared to the fourth quarter of 2024. This growth was driven by increased utilization, a greater number of Blink-owned chargers in the field, and an increasing mix of DC fast chargers, which is another key focus area for us, as I talked about last quarter. These growing utilization numbers highlight the demand for our charging services and the need for more charging infrastructure.

翻到幻燈片 5。您可以看到，從去年第一季到 2025 年第一季末，我們的充電收入穩定成長。本季服務營收為 1,060 萬美元，較去年第一季的 820 萬美元成長 29.2%，與 2024 年第四季相比環比成長 7.5%。這一增長是由利用率的提高、現場 Blink 擁有的充電器數量的增加以及直流快速充電器組合的增加所推動的，正如我上個季度所談到的，這是我們關注的另一個重點領域。這些不斷增長的利用率數字凸顯了我們對充電服務的需求以及對更多充電基礎設施的需求。

We closed the quarter with 7,091 company-owned chargers, which is a 22% increase year over year. With more Blink-owned units, disciplined site selection, and the addition of more DC fast chargers, we expect to continue to deliver increased charging revenues as utilization grows. We are committed to having the right charger in the right place at the right time.

本季末，我們有 7,091 家公司自有充電樁，較去年同期成長 22%。隨著 Blink 擁有的單位越來越多、選址越來越規範、以及直流快速充電器越來越多，我們預計隨著利用率的增長，充電收入將繼續增加。我們致力於在正確的時間在正確的地點提供正確的充電器。

The deployment of DC fast chargers is a key focus area. During the quarter, we announced an agreement to provide up to 50 DC fast chargers to the city of Alameda, California. We are aggressively pursuing more opportunities to grow our DCFC charging portfolio as we believe DC offerings are the growth engine of our network. In fact, our DC fast charging revenues in the US increased over 3 times compared to the first quarter of last year.

直流快速充電器的部署是一個重點關注領域。本季度，我們宣布了一項協議，向加州阿拉米達市提供多達 50 個直流快速充電器。我們正在積極尋求更多機會來擴大我們的 DCFC 充電產品組合，因為我們相信 DC 產品是我們網路的成長引擎。事實上，我們在美國的直流快速充電收入與去年第一季相比成長了3倍多。

Service revenue also grew internationally, and we are one of the leading charging service providers in Belgium and the UK. Our international presence provides revenue diversification and heightens our brand recognition on the global stage. Europe was an early adopter of EVs and our geographic presence there strengthens our revenue and profitability models.

服務收入在國際上也有所成長，我們是比利時和英國領先的充電服務供應商之一。我們的國際影響力實現了收入多元化，並提高了我們在全球舞台上的品牌知名度。歐洲是電動車的早期採用者，我們在那裡的地理存在增強了我們的收入和獲利模式。

Blink UK recently announced that they have been named as a preferred bidder by Brighton & Hove City Council for a 15-year contract valued at over GBP500,000. This is one of the first contracts awarded through the Local Electric Vehicle Infrastructure Fund, or LEVI, which will add a minimum of 350 additional chargers to the more than 400 Blink chargers already operating across Brighton & Hove. This opportunity marks the latest in a series of key milestones for Blink's international growth, delivering an innovative future-ready sustainable charging network.

Blink UK 最近宣布，他們已被布萊頓和霍夫市議會指定為為期 15 年、價值超過 50 萬英鎊的合約的優先競標者。這是透過地方電動車基礎設施基金 (LEVI) 授予的首批合約之一，該合約將在布萊頓和霍夫現有的 400 多個 Blink 充電器的基礎上增加至少 350 個充電器。此次機會標誌著 Blink 國際成長的一系列關鍵里程碑中的最新一個，提供了一個面向未來的創新永續充電網路。

The capabilities of our global network continue to expand. We are finishing up the process of folding our European software networks into our global Blink 2.0 network. This consolidation will provide operational and cost efficiencies. We are committed to improving the usability, reliability, and accessibility of our network through continued software development and pursuing roaming agreements and network integrations with industry partners.

我們的全球網路能力不斷擴大。我們正在完成將歐洲軟體網路納入全球 Blink 2.0 網路的過程。此次合併將提高營運和成本效率。我們致力於透過持續的軟體開發以及與行業合作夥伴達成漫遊協議和網路整合來提高我們網路的可用性、可靠性和可訪問性。

Now let's move to slide 6. As I mentioned earlier, the reduction of cash burn and operating expenses is a priority to preserve liquidity. We reduced our operating cash burn by 45% and brought down total operating expenses by 8% in the quarter, and we have more coming.

現在我們來看第 6 張投影片。正如我之前提到的，減少現金消耗和營運費用是保持流動性的首要任務。本季度，我們的營運現金消耗減少了 45%，總營運費用降低了 8%，我們將繼續減少。

Now I'll turn the call over to our CFO, Michael Rama, for a more detailed look at our financial performance in the first quarter. Go ahead, Michael.

現在，我將把電話轉給我們的財務長 Michael Rama，讓他更詳細地了解我們第一季的財務表現。繼續吧，麥可。

Thank you, Mike, and good afternoon, everyone.

謝謝你，麥克，大家下午好。

Now turning to slide 10. Our Q1 2025 revenues were $20.8 million compared to $37.6 million in the prior-year quarter. Product revenues for the first quarter of 2025 were $8.4 million compared to $27.5 million in the first quarter of 2024. As Mike mentioned, we've accelerated the development of our Gen 3 charger to ensure alignment with customer demand.

現在翻到第 10 張投影片。我們的 2025 年第一季營收為 2,080 萬美元，而去年同期為 3,760 萬美元。2025 年第一季的產品收入為 840 萬美元，而 2024 年第一季的產品收入為 2,750 萬美元。正如 Mike 所提到的，我們加快了第三代充電器的開發，以確保滿足客戶需求。

First-quarter service revenues, which consists of charging service revenues, network fees, and car share revenues increased 29.2% to $10.6 million compared to $8.2 million in the first quarter of 2024. Gross profit was $7.4 million, or 35.5% of revenues, compared to gross profit of $13.4 million, or 35.7% of revenues in the first quarter of 2024. Operating expenses decreased 7.9% to $28.5 million compared to $30.9 million in the first quarter of 2024.

第一季服務收入（包括充電服務收入、網路費和汽車共享收入）達到 1,060 萬美元，而 2024 年第一季為 820 萬美元，成長 29.2%。毛利為 740 萬美元，佔營收的 35.5%，而 2024 年第一季的毛利為 1,340 萬美元，佔營收的 35.7%。營運費用從 2024 年第一季的 3,090 萬美元下降 7.9% 至 2,850 萬美元。

The company remains focused on continuing to reduce operating expenses and cash burn across this business as it drives towards profitability. Loss per share for the first quarter was $0.20 compared to a loss of $0.17 in the first -- in the prior-year period. Adjusted loss per share for the first quarter was a loss of $0.18 per share compared to an adjusted loss per share of $0.13 per share in the first quarter of 2024. Adjusted EBITDA for the first quarter of 2025 was a loss of $15.5 million compared to a loss of $10.2 million in the prior year.

在實現盈利的過程中，該公司仍將專注於繼續降低該業務的營運費用和現金消耗。第一季每股虧損 0.20 美元，而去年同期每股虧損 0.17 美元。第一季調整後每股虧損為 0.18 美元，而 2024 年第一季調整後每股虧損為 0.13 美元。2025 年第一季調整後 EBITDA 虧損 1,550 萬美元，而去年同期虧損 1,020 萬美元。

As of March 31, 2025, cash, cash equivalents, and marketable securities totaled $42 million compared to $55 million as of December 31, 2024. Blink had no cash debt as of March 31, 2025. Based on our current visibility, Blink expects revenue to increase sequentially in the second quarter of 2025 and to show continued growth in the second half of 2025.

截至 2025 年 3 月 31 日，現金、現金等價物及有價證券總額為 4,200 萬美元，而截至 2024 年 12 月 31 日為 5,500 萬美元。截至 2025 年 3 月 31 日，Blink 沒有現金債務。根據我們目前的預測，Blink 預計 2025 年第二季營收將季增，並在 2025 年下半年持續成長。

Service revenue is expected to continue to increase throughout 2025. The company also remains focused on continuing to reduce operating expenses and cash burn across its business as a drive towards profitability. Blink expects to have improved visibility around its timeline to reach adjusted EBITDA profitability as the year progresses.

預計2025年服務收入將持續成長。該公司還將繼續致力於降低整個業務的營運費用和現金消耗，以推動獲利。Blink 預計，隨著時間的推移，其實現調整後 EBITDA 獲利的時間表將更加清晰。

I would now like to turn the call back over to Mike for his final commentary. Go ahead, Mike.

現在我想將電話轉回給麥克，請他發表最後的評論。繼續吧，麥克。

Okay. Thank you, Michael. So there's no question that the EV charging industry is facing a complex macroeconomic environment. As mentioned at the beginning of this call, we remain focused on the factors we can control, executing with discipline in the near-term, while positioning Blink for sustained long-term growth and profitability. Our strategic approach begins with ensuring that the right charging infrastructure is deployed at the right locations and at the right time.

好的。謝謝你，麥可。因此毫無疑問，電動車充電產業面臨複雜的宏觀經濟環境。正如本次電話會議開始時所提到的，我們仍然專注於我們能夠控制的因素，在短期內嚴格執行，同時為 Blink 的長期持續成長和獲利做好準備。我們的策略方針首先是確保在正確的時間在正確的地點部署正確的充電基礎設施。

With that principle in mind, when it became evident that we were missing a product offering in the value segment, we accelerated our development efforts to bring a new charger to market this year. We are innovative and nimble in our response to customers and market demand, and we look forward to the launch of our Generation 3 charger.

本著這項原則，當我們明顯發現在價值領域缺少產品時，我們加快了開發力度，以便在今年將新的充電器推向市場。我們以創新和靈活的方式回應客戶和市場需求，我們期待第三代充電器的推出。

Equally important, we continue to invest in innovation that unlocks new market opportunities, addresses industry pain points, and drives operational efficiency. As such, at the ACT Show, we announced a fully integrated product with Create Energy, which is a turnkey DC fast charging and energy storage solution focused on grid resiliency. This offering combines Blink's EV charging technology and network services with Create Energy's Nanogrid platform to enhance the performance, uptime, and economics of our DC fast-charging installations.

同樣重要的是，我們繼續投資於創新，以釋放新的市場機會、解決產業痛點並提高營運效率。因此，在 ACT 展會上，我們宣布與 Create Energy 合作推出一款完全整合的產品，這是一種專注於電網彈性的交鑰匙直流快速充電和儲能解決方案。該產品將 Blink 的電動車充電技術和網路服務與 Create Energy 的奈米網格平台結合，以提高我們的直流快速充電裝置的性能、正常運行時間和經濟性。

For those of you who might not be familiar, a microgrid is a small-scale, self-sufficient localized power grid system. As you've likely seen reported, with power grids strained, alternative technologies are required to mitigate electricity demand and support grid reliability. And this combined solution does just that, while also reducing energy costs through avoidance of electricity demand charges, which can be expensive.

對於那些可能不熟悉的人來說，微電網是一種小規模、自給自足的局部電網系統。正如您可能看到的報導，由於電網緊張，需要替代技術來緩解電力需求並支援電網可靠性。這種組合解決方案不僅能實現這一點，還能透過避免昂貴的電力需求費用來降低能源成本。

Under this dual market agreement, Blink EV chargers will be offered alongside Create Energy's Nanogrid systems and vice versa, creating a powerful end-to-end solution for customers. The global microgrid market was valued at $17.4 billion in 2024 and is expected to grow to $33 billion by 2033 according to IMARC Research. We believe the Create Energy collaboration presents a compelling opportunity for Blink to deliver a differentiated value-added solution, while further advancing our energy management system capabilities.

根據此雙重市場協議，Blink EV 充電器將與 Create Energy 的 Nanogrid 系統一起提供，反之亦然，為客戶打造強大的端到端解決方案。根據 IMARC Research 的數據，2024 年全球微電網市場價值為 174 億美元，預計到 2033 年將成長到 330 億美元。我們相信，與 Create Energy 的合作為 Blink 提供了一個極具吸引力的機會，使其能夠提供差異化的增值解決方案，同時進一步提升我們的能源管理系統能力。

Most notably, the combined fully integrated solution can eliminate costly demand charges and function either connected to the grid or offgrid and significantly accelerates both deployment timelines and returns on investment. And this potential is not theoretical. One of our Nanogrid deployments with a global multinational customer in Nashville, Tennessee is already delivering strong uptime and healthy economics, demonstrating the commercial viability and scalability of this solution.

最值得注意的是，組合式全整合解決方案可以消除昂貴的需求費用，並且可以連接到電網或離網運行，並顯著加快部署時間表和投資回報。而這種潛力並非只是理論上的。我們與田納西州納許維爾的跨國客戶合作部署的奈米電網之一已經實現了強大的正常運行時間和健康的經濟效益，證明了該解決方案的商業可行性和可擴展性。

Our collaboration with Create Energy exemplifies how we are expanding Blink's market reach and product portfolio to include next-generation technology integration. We have Nanogrid opportunities in our current pipeline and we believe this collaboration strengthens our competitive positioning and unlocks meaningful value for both our customers and shareholders.

我們與 Create Energy 的合作體現了我們如何擴大 Blink 的市場範圍和產品組合以包括下一代技術整合。我們目前的通路中有很多奈米電網機會，我們相信這次合作將增強我們的競爭地位，並為我們的客戶和股東帶來有意義的價值。

Turning to slide 13. As we progress through the remainder of 2025, I want to reaffirm the strategic priorities we introduced last quarter under Blink Forward, which is our strategic focus for sustained success. At the core of our strategy is a clear mandate, the relentless pursuit of profitability and profitable growth.

翻到第 13 張投影片。隨著我們進入 2025 年剩餘時間，我想重申我們上個季度在 Blink Forward 下推出的策略重點，這是我們持續成功的策略重點。我們的策略核心是明確的使命，不懈地追求獲利能力和獲利成長。

While we continue to focus on growing our top line, we are equally intent on delivering disciplined execution to drive margin expansion and long-term shareholder value. Our five-pillar strategy provides the framework to achieve this.

在我們繼續專注於提高營業收入的同時，我們同樣致力於透過嚴格的執行來推動利潤率的擴大和長期股東價值。我們的五大支柱策略提供了實現這一目標的架構。

So pillar 1 is flexible customer-centric business models. We remain committed to solving real customer challenges by delivering dependable hardware, a consistent and accessible network, and advanced software to optimize energy usage. Our recently launched partnership with Create Energy and their Nanogrid solution exemplifies how we are moving towards smarter, more cost-effective infrastructure.

因此，支柱一是靈活的以顧客為中心的商業模式。我們始終致力於透過提供可靠的硬體、一致且可存取的網路以及先進的軟體來優化能源使用，解決客戶面臨的實際挑戰。我們最近與 Create Energy 及其 Nanogrid 解決方案建立的合作夥伴關係反映了我們如何朝向更智慧、更具成本效益的基礎設施邁進。

The second pillar or pillar 2 is expansion of our DC fast-charging owner-operator portfolio. We are focused on deployment of Blink-owned DC fast chargers in high-traffic strategically located sites. We view our owned and operated model as a key driver of long-term growth and value creation, particularly as demand shifts towards faster, more convenient charging. To efficiently finance DC deployments, we are exploring off-balance sheet structures, including what we previously announced with Axxeltrova in the UK.

第二個支柱或支柱 2 是擴展我們的直流快速充電業主營運商組合。我們專注於在交通繁忙的戰略位置部署 Blink 擁有的直流快速充電器。我們將自有和營運模式視為長期成長和價值創造的關鍵驅動力，尤其是在需求轉向更快、更方便的充電時。為了有效地為 DC 部署提供資金，我們正在探索表外結構，包括我們先前與英國 Axxeltrova 合作宣布的結構。

Pillar 3 is growth in recurring revenue and services. Recurring revenue streams are a core component of our future growth. In Q1, our service revenue increased 29% year over year and we are laser-focused on expanding this high-margin segment.

支柱三是經常性收入和服務的成長。經常性收入流是我們未來成長的核心組成部分。第一季度，我們的服務收入年增 29%，我們正專注於擴大這一高利潤領域。

Pillar 4, strategic positioning amid industry consolidation. We are actively exploring ways to capitalize on market consolidation, capturing displaced demand and enhancing our technology stack through targeted accretive M&A. These moves are designed to strengthen our competitive position, while accelerating our innovation roadmap.

支柱四，產業整合中的策略定位。我們正在積極探索利用市場整合、抓住轉移需求和透過有針對性的增值併購來增強我們的技術堆疊的方法。這些措施旨在加強我們的競爭地位，同時加速我們的創新路線圖。

And Pillar 5 is cost optimization, cash preservation, and capital efficiency. We are rigorously managing costs, driving operational efficiencies, and preserving cash by eliminating non-essential spending and rightsizing our workforce. Each of these pillars supports our overarching goal, achieving profitability through a combination of strategic revenue growth and responsible expense management.

第五個支柱是成本優化、現金保全和資本效率。我們嚴格管理成本，提高營運效率，並透過消除非必要開支和調整員工規模來保留現金。這些支柱中的每一個都支持我們的總體目標，即透過策略收入成長和負責任的費用管理相結合來實現盈利。

Now I'd like to thank our team for the efforts during the quarter. Our product results did not meet the goals and expectations we set for ourselves and we have redoubled our focus to drive product sales, continue to increase charging revenue, and make progress on each pillar of Blink Forward as we continue through the balance of 2025.

現在，我要感謝我們團隊在本季所做的努力。我們的產品結果沒有達到我們為自己設定的目標和期望，我們加倍努力推動產品銷售，繼續增加充電收入，並在 2025 年剩餘時間內在 Blink Forward 的各個支柱上取得進展。

So with that, we can move on to Q&A. Operator?

因此，我們可以繼續進行問答。操作員？

(Operator Instructions) Craig Irwin, ROTH Capital.

（操作員指示）Craig Irwin，ROTH Capital。

So Michael, the first thing -- Michael Battaglia, the first thing I wanted to ask about gross margins, right? These had some really nice sequential improvement and seem to be tracking well for the management of profitability, right? You've got your gigawatt hours up, you've got your service revenue up. Those tend to be pretty stable profit drivers.

那麼邁克爾，首先——邁克爾·巴塔利亞，我想問的第一件事是關於毛利率，對嗎？這些確實有一些很好的連續改進，並且似乎對盈利管理有很好的跟踪，對嗎？您的千兆瓦時數增加了，您的服務收入也增加了。這些往往是相當穩定的利潤驅動因素。

Can you talk about how mix is maybe helping you a little bit in the short term? If we see similar mix in the second quarter, and maybe you can talk about that too, do gross margins have room to continue improving or are they likely to be sort of where we are now more or less until the new products are out there?

您能談談混合在短期內如何對您有幫助嗎？如果我們在第二季度看到類似的組合，也許您也可以談談這一點，那麼毛利率是否還有繼續提高的空間，或者在新產品上市之前，毛利率是否可能會保持在目前的水平？

Yeah, yeah. Thanks, Craig. So in the first quarter, we saw a larger mix of Level 2 versus DC, which generally speaking, helps us from a margin perspective. As we go into Q2, there's a couple of things to note.

是啊是啊。謝謝，克雷格。因此，在第一季度，我們看到了 2 級和 DC 的較大比例，總的來說，這對我們的利潤率有幫助。當我們進入第二季時，有幾件事需要注意。

As we mentioned, we see sequential revenue growth in Q2. We see more DC fast chargers entering the mix as we go forward. However, what we also see, and we've been talking about this for a long time, is reducing or eliminating our dependence or involvement with third-party L2 chargers. And we have successfully whittled that down to very, very little.

正如我們所提到的，我們預計第二季營收將連續成長。隨著我們不斷前進，我們將會看到越來越多的直流快速充電器加入這個行列。然而，我們也看到，我們已經談論了很長時間，減少或消除了我們對第三方 L2 充電器的依賴或參與。我們已經成功地將其減少到非常非常少。

So now, as we continue forward, the vast majority of the L2 units that get sold or deployed by Blink are Blink-built, and that inherently helps us maintain our gross margin profile. So I would say, to answer your question, that we see consistency throughout the year in that mid-30s range for gross margins. Obviously, we're going to do everything we can to continue to improve those. But I think as we -- for planning purposes, I think we would -- we're comfortable saying consistent with this quarter.

因此，現在，隨著我們繼續前進，Blink 銷售或部署的絕大多數 L2 單元都是 Blink 製造的，這本質上有助於我們保持毛利率狀況。因此，我想回答你的問題，我們看到全年的毛利率都穩定在 35% 左右。顯然，我們將竭盡全力繼續改進這些。但我認為，出於規劃目的，我們很樂意說與本季保持一致。

Thank you. That's really encouraging. So then my next question is about the new value-oriented products, the products you're introducing to address kind of where the market is shifting to. I know that you have a make-versus-buy analysis that you, even on a component level, will look at sort of make versus buy for boards and things like this.

謝謝。這真是令人鼓舞。那麼我的下一個問題是關於新的以價值為導向的產品，您推出的產品是為了解決市場正在轉向的方向。我知道您有一個自製與購買的分析，即使在組件層面，您也會考慮電路板等產品的自製與購買。

Can you talk about the different considerations that you bring to how you're approaching this product portfolio? And I understand time to market is also very important because your competitors out there don't have the facility you do in Bowie, Maryland, right? It's a nice asset for you to be able to turn things around quickly.

您能否談談您在處理該產品組合時考慮到的不同因素？而且我知道上市時間也非常重要，因為你們的競爭對手沒有你們在馬裡蘭州鮑伊市擁有的設施，對嗎？能夠迅速扭轉局面對你來說是一筆寶貴的財富。

If you could just unpack that a little bit for us as far as your approach there, what's gone into the decisions that you've made. And moving quickly, does this potentially allow a more rapid rebound of those value Level 2 chargers in the second half?

如果您能為我們稍微解釋一下您採取的方法以及您所做的決定背後的原因是什麼。並且迅速採取行動，這是否有可能讓這些價值 2 級充電器在下半年更快反彈？

Yeah, thanks. So there's actually a lot to this response. So I will try to be as succinct as I possibly can. So as you can imagine, we have this debate constantly internally at Blink. Do we build? Do we buy? How do we -- what is the right way to come to market with a charger for Blink?

是的，謝謝。因此，這個回應實際上有很多內容。因此我會盡力簡潔地表達。所以你可以想像，我們在 Blink 內部不斷進行這樣的爭論。我們建造嗎？我們買嗎？我們如何——將 Blink 充電器推向市場的正確方法是什麼？

And one of the things we've learned, and by the way, sometimes painfully, is that when we utilize a third-party charger, the reliability, the uptime, and the control that we have over the quality of that product suffers. So while it's easy to go out and get a third-party charger, put a Blink name on it and deploy it into the market, we don't think that that's necessarily the best thing for us. So then it becomes okay.

我們學到的一件事，順便說一句，有時是痛苦的，那就是當我們使用第三方充電器時，產品的可靠性、正常運行時間和我們對產品品質的控制都會受到影響。因此，雖然很容易出去買一個第三方充電器，貼上 Blink 的名字並將其部署到市場上，但我們認為這對我們來說不一定是最好的事情。這樣就沒問題了。

And by the way, another reason -- so then it becomes, do you build it yourself? Do you get into a third-party contract manufacturing situation?

順便說一下，還有一個原因——那麼，您自己建造它嗎？您是否遇到過第三方合約製造的情況？

And just speaking to third-party CM. The one thing that you always have to be careful of is getting locked into minimum order quantities that are onerous. And I've been through that before in my career and I'm not really in the mood to do that again. So that brings me to and brings us to most likely continuing on the path that we're on in terms of assembling these chargers ourselves.

只要與第三方 CM 交談。您必須始終小心的一件事是，不要被鎖定在繁重的最低訂購量上。在我的職業生涯中，我已經經歷過這樣的事情了，我真的不想再經歷一次。因此，這讓我並且也讓我們最有可能繼續走我們自己組裝這些充電器的道路。

Now one of the things that's going to help us is that we have expanded our production capacity capabilities to do finished goods both in India as well as in Bowie, Maryland. So now we have both facilities that are able to produce finished goods. So we have a little bit more flexibility in terms of bringing this new charger into the fold, utilizing the capacity and resources that we currently have without having to expand from there. So I hope that answers your question.

現在對我們有幫助的一件事是，我們已經擴大了生產能力，可以在印度和馬裡蘭州鮑伊生產成品。所以現在我們有兩個能夠生產成品的工廠。因此，在引入這種新型充電器方面，我們擁有更大的靈活性，可以利用我們現有的容量和資源，而不必進行擴充。我希望這能回答你的問題。

That's definitely very, very helpful. That's informative. Last question, if I may.

這絕對非常非常有幫助。這很有資訊量。如果可以的話，最後一個問題。

You guys are working hard to get to breakeven on EBITDA, right? I know the market is not helping you, but your actions you're taking them and those actions always have a cost. Can you maybe talk about salaries and comp and SG&A as far as whether or not those have expenses related to the business spin-off that you're working on?

你們正在努力實現 EBITDA 收支平衡，對嗎？我知道市場沒有幫助你，但是你採取的行動總是有代價的。您能否談談薪資、薪資和銷售、一般及行政費用，以及這些費用是否與您正在進行的業務分拆有關？

The non-cash compensation has been volatile over the last few quarters. Is that a material difference sequentially or year over year? Any other one-time items in there as far as expenses for adjustments you're making that we should note?

過去幾個季度，非現金薪酬一直不穩定。與上一季或前一年相比，是否存在重大差異？就您所做的調整費用而言，還有其他值得我們注意的一次性項目嗎？

Yeah. I'll let Michael Rama jump in initially on this and then I can provide some color as well.

是的。我會讓 Michael Rama 先介入這個問題，然後我也可以提供一些詳細資訊。

Yeah. Hey, Craig. I'd say on the non-cash, you typically have on comp is your share-based comp. And we've been running pretty consistent around $900,000 a quarter on an expense standpoint. And you could see some of that oscillate up or down a little bit just depending upon new issuances or vestings and all that stuff, but materially from a non-cash standpoint, on compensation.

是的。嘿，克雷格。我想說，就非現金而言，您通常擁有的補償是基於股票的補償。從支出角度來看，我們每季的支出一直穩定在 90 萬美元左右。您可能會看到其中一些波動略有上升或下降，這僅取決於新發行或歸屬以及所有這些東西，但從非現金的角度來看，實質上取決於補償。

But we continuously look at our expense profiles and making sure there's still cost controls and comp expense that we're still integrating a few of the Belgium acquisitions. So once those integrations get completed mid-year this year, we should see a continuation of some savings on the back end. Mike?

但我們不斷審視我們的費用狀況，確保仍有成本控制和補償費用，並且我們仍在整合比利時的一些收購。因此，一旦這些整合在今年年中完成，我們應該會看到後端繼續節省。麥克風？

Yeah. I would just say -- sorry, go ahead, Craig.

是的。我只想說——抱歉，請說，克雷格。

And the spin-off, in particular, I know that does have real costs. I mean -- and I do know that restructuring efforts, right? If you have any detail around those two as far as expenses on the P&L, that would be important.

尤其是分拆，我知道它確實有實際成本。我的意思是——我確實知道重組工作，對吧？如果您對損益表中的這兩項費用有任何詳細信息，那將很重要。

So regarding the spin-off, I mean, that continues on track. The S-1 -- we have filed the S-1. It's obviously in the public domain, so anybody can access it. And our goal remains unchanged, which is to list the company on NASDAQ. So we're making progress toward that and we'll complete that in some fashion this year.

因此，關於衍生產品，我的意思是，它將繼續按計劃進行。S-1——我們已經提交了 S-1。它顯然屬於公共領域，因此任何人都可以訪問它。我們的目標沒有改變，就是讓公司在納斯達克上市。我們正在朝著這個目標前進，今年我們將以某種方式完成這一目標。

Regarding the rest of the business, which is really the main -- obviously, the vast majority of our revenue, our expenses, et cetera. I can tell you that we're taking a lot of action on that front as well. And an obvious one is compensation expense, but there's really more. There's things like further facilities consolidations there.

至於其餘業務，這確實是主要的——顯然，我們的絕大部分收入、支出等等。我可以告訴你，我們在這方面也採取了很多行動。其中一個明顯的因素是薪資費用，但實際上還有更多。那裡有進一步的設施整合之類的事情。

Our team is doing a good job of renegotiating some big software contracts and things like rightsizing our AWS environment. And there's really meaningful savings coming from things like that. So as I've mentioned before, there is nothing that is off the table in terms of responsibly reducing costs.

我們的團隊正在很好地重新談判一些大型軟體合約以及調整 AWS 環境規模等事宜。透過這樣的方式確實可以節省大量資金。因此，正如我之前提到的，在負責任地降低成本方面，沒有什麼是不可能的。

Excellent. Well, with that, I'll hop back in the queue. Those margins are impressive. Keep up the good work.

出色的。好吧，這樣，我就回到隊列中了。這些利潤令人印象深刻。繼續努力。

(Operator Instructions) Sameer Joshi, H.C. Wainwright.

（操作員指示）Sameer Joshi，H.C.溫賴特。

Just digging a little bit deeper into the margins going forward. I see that the service margins are sort of improving in the 13%-plus range. Is there a targeted or aspirational service margin that you have in mind that you would like to achieve?

只是進一步深入挖掘邊緣。我發現服務利潤率正在提高，達到 13% 以上。您心中是否有一個想要實現的目標或期望服務利潤？

Yeah, aspirationally mid-20s.

是的，理想年齡是 20 多歲。

Mid-20s, okay. And then can you elaborate a little bit more on areas of reducing operating expenses in the context of these new products or new product being launched and efforts to improve the DC fast-charging sales, DCFC participation. So just wanted to understand how that would work. Will you not need to spend a little bit more to achieve those results?

20 多歲，好吧。然後，您能否在這些新產品或即將推出的新產品的背景下，進一步闡述降低營運費用的領域，以及努力提高 DC 快速充電銷售和 DCFC 參與度。所以只是想了解它是如何運作的。您是否需要多花一點錢才能達到這些效果？

I mean there's always -- Sameer, I think that there's always a cost of product development, but we believe that that's pretty modest with what our team has already spent, is working on, and what they're forecasted to spend. So that's not going to be a meaningful expense.

我的意思是——薩米爾，我認為產品開發總是有成本的，但我們認為，考慮到我們團隊已經花費的、正在進行的以及預計花費的，這個成本是相當適中的。所以這不會是一筆有意義的開銷。

I think though that as I talked about, it's funny. There's the adage. You can't cut your way to profitability. You got to grow the top-line.

我認為正如我所說的，這很有趣。有句諺語說得好。你不可能透過削減開支來獲得獲利。你必須增加營業收入。

And so on the one hand, right, we are intensely focused on the expense structure of the company to make sure that it is really efficient and correct for who we are. But really, at the end of the day, what this comes back to is growing the top line. And we're seeing some really, really good progress there.

因此，一方面，我們非常關注公司的費用結構，以確保它確實有效率且適合我們的情況。但實際上，歸根究底，這還是為了增加營業收入。我們在那裡看到了一些非常非常好的進展。

As I talked about last quarter, we have a new Head of Sales named Chris Carr. He's really, really done some fantastic work in the, I don't know, 60 days or so that he's been here. And he was principally behind putting together the Create Energy arrangements.

正如我上個季度所說的那樣，我們有一位新的銷售主管，名叫克里斯卡爾 (Chris Carr)。在他來這裡的大約 60 天裡，他確實做了一些非常出色的工作。他是「創造能源」計劃的主要製定者。

So we see encouraging things there. And at the end of the day, what we need to do is start growing this company again and making money and making money for the company, making money for shareholders, and making money for our employees.

所以我們在那裡看到了令人鼓舞的事。歸根究底，我們需要做的是讓公司再次發展壯大，為公司賺錢，為股東賺錢，為我們的員工賺錢。

Understood. Thanks for that color. Just last one from me. One of the pillars -- the fourth pillar you mentioned was capitalization on market consolidation. Can you elaborate a little bit more on that? Do you have any targets in mind? Are they like similar companies or is it any vertical integration? Just would like to understand what you're thinking along those lines.

明白了。謝謝你這個顏色。這只是我的最後一個。您提到的支柱之一—第四個支柱是利用市場整合。能更詳細地解釋一下嗎？您心中有什麼目標嗎？它們是否像類似的公司或是否有垂直整合？只是想了解一下您對此的想法。

Yeah. So first of all, I always have companies in mind. We can have this call this quarter, the next quarter ,and the quarter after that. And I will always have -- I can promise you, I will always have companies in mind.

是的。所以首先，我總是考慮公司。我們可以在本季、下個季度以及下個季度進行此電話會議。我會一直──我可以向你們保證，我會一直把公司放在心上。

Now in terms of what we can do and what really makes sense for us at this stage of our lives is we are probably looking a little more towards things like tuck-in acquisitions that we believe can help us grow faster. So again, we have our eye on a couple. We'll see if they come together, but that's my perspective.

現在就我們能做的事情以及在我們人生的這個階段對我們來說真正有意義的事情而言，我們可能更專注於諸如小型收購之類的事情，因為我們認為這些事情可以幫助我們更快地成長。因此，我們再次關註一對夫婦。我們將看看他們是否會走到一起，但這是我的觀點。

Thank you. And there are no other questions in queue at this time. I would now like to hand the call back to Vitalie Stelea for closing remarks. Vitalie?

謝謝。目前隊列中沒有其他問題。現在我想把發言權交還給 Vitalie Stelea 做最後發言。維塔利？

Thank you, Paul, and thank you all for tuning into our call today. Please follow our website for additional announcements and also feel free to e-mail us at ir@blinkcharging.com with any questions you might have. We look forward to keeping you updated.

謝謝你，保羅，也謝謝大家今天收聽我們的電話會議。請關注我們的網站以獲取更多公告，如果您有任何問題，也請隨時透過 ir@blinkcharging.com 向我們發送電子郵件。我們期待向您提供最新資訊。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。